The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has congratulated the newly appointed leadership of the Nigeria Deposit Insurance Corporation (NDIC) and reaffirmed the CBN’s commitment to strengthening collaboration between both institutions.
This assurance was made during a courtesy visit to the CBN Headquarters in Abuja by the NDIC’s new Managing Director/Chief Executive, Mr. Thompson O. Sunday, alongside Dr. Kabir Katata, the new Executive Director of Operations.
Speaking at the meeting, Governor Cardoso emphasized the importance of institutional synergy in the face of Nigeria’s evolving financial landscape.
“Our meeting today is a clear testament to our willingness to work together. The CBN counts on NDIC’s support in navigating the uncertain times we are in,” he stated.
He highlighted that lessons learned during his two years in office underscored the need for proactive strategies and modern tools to ensure financial system stability. Cardoso described the NDIC’s visit as timely and called for tighter cooperation to mitigate risks and protect depositors.
In his remarks, Mr. Sunday commended the CBN’s reforms under Cardoso’s leadership, particularly its efforts in stabilizing the foreign exchange market and recapitalizing Deposit Money Banks. He announced that the NDIC is undergoing a strategic restructuring to align with its amended NDIC Act 2023, and will soon unveil a new corporate strategy as the current one expires this year.
Mr. Sunday reaffirmed the NDIC’s dedication to enhancing financial system stability and applauded the CBN’s support in premium collections from insured institutions. He also spotlighted some of the Corporation’s recent achievements, including:
- Payment of N54.62 billion to 691,418 depositors of the defunct Heritage Bank
- Declaration of a 9.2 kobo per Naira liquidation dividend to uninsured depositors within a year of the bank’s closure
- Ongoing development of a target funding framework
However, he also highlighted challenges such as the lack of a unique identifier (e.g., BVN) for corporate customers, and difficulties collecting premiums from insured institutions that don’t bank with the CBN. He urged for joint action with the CBN to close these gaps.
Mr. Sunday further proposed the development of a joint crisis preparedness framework, a suggestion welcomed by Mrs. Rita Sike, Director of CBN’s Financial Policy and Regulation Department. She noted that such collaboration could be facilitated through the Financial Services Regulation Coordinating Committee (FSRCC). She also mentioned ongoing efforts to upgrade the Credit Risk Management System (CRMS) to integrate the Global Standing Instruction (GSI), which will onboard Other Financial Institutions (OFIs).
The NDIC delegation included senior executives such as Mr. Yakubu Shehu (Director, Human Resources), Mr. Olufemi Kushimo (Director, Legal), and Mrs. Regina Dimlong (Assistant Director, Communications & Public Affairs). The CBN was represented by Mr. Nnadi Maduka from the Corporate Communication Department and Mrs. Salamatu Jubril-Adeniji from the Compliance Department.
The meeting concluded with a shared commitment to deepen cooperation in safeguarding Nigeria’s financial sector and boosting depositor confidence.
